About

The Housing and Urban Development Corporation of a country faces a major challenge of increasing energy consumption and related costs. As a result, they sought to implement a solution that would incentivize energy savings and promote sustainable practices in homes and buildings. The corporation engaged Sakha to develop a platform that would reward energy savings with AI, IoT, and Blockchain Technology.

The Challenge

The client faced several problems related to energy consumption and conservation. Some of the issues are:

• High energy consumption: The corporation noticed that energy consumption levels in residential and commercial buildings were much higher than required, leading to higher utility bills and carbon emissions.
• Lack of incentives for energy conservation: There was no incentive for households and buildings to conserve energy and reduce consumption, leading to a lack of motivation for people to adopt energy-efficient practices.
• Difficulty in tracking energy consumption: The corporation faced challenges in tracking the energy consumption of individual households and buildings, which made it difficult to identify areas where energy conservation measures could be implemented.
• Inefficient energy infrastructure: The corporation faced issues with the existing energy infrastructure, which was outdated and inefficient, leading to energy wastage and higher costs.

To address these problems, the corporation sought the help of Sakha to develop a solution that leveraged AI, IoT, and Blockchain technology.

Solution

Sakha developed a platform that utilizes AI, IoT, and blockchain technology to monitor and incentivize energy savings. Features:

• AI-based energy monitoring: The platform uses machine learning algorithms to analyze energy consumption patterns and identify areas where energy savings can be made.
• IoT devices: Sensors and smart meters are installed in homes and buildings to collect real-time data on energy usage.
• Energy credits: The platform offers energy credits to homeowners and building managers who reduce their energy consumption, which can be traded on a blockchain exchange.
• Blockchain framework: A blockchain-based system is used to securely store and track energy savings and credits, as well as monitor and verify the performance of appliances and other energy-efficient devices.
• Off-peak electricity optimization: The platform suggests and encourages usage of off-peak electricity times to reduce energy consumption and earn additional credits.

AI-based algorithms were used to analyze energy consumption patterns and identify areas where energy savings could be achieved. For example, the system could learn when certain appliances are used most frequently and suggest ways to reduce energy consumption during those times. IoT devices were installed in homes and buildings to collect real-time data on energy usage, temperature, and other environmental factors. This data was used to optimize energy consumption and identify areas where improvements could be made. Blockchain technology was used to facilitate the exchange of energy credits between consumers and producers. Consumers who generate excess energy through solar panels or other renewable sources could earn energy credits that could be used to offset their energy bills or sold to other consumers through the blockchain exchange. Smart contracts were used to automatically execute transactions between consumers and producers based on pre-defined rules and conditions. For example, a smart contract was programmed to automatically purchase energy credits from a consumer’s blockchain account when their energy bill exceeds a certain threshold. Overall, the combination of AI, IoT, and blockchain technology created a powerful platform for incentivizing energy savings and promoting sustainability. Benefits of the platform for the corporation included:

• Incentivizes energy savings: The platform provides tangible rewards for homeowners and building managers who take steps to reduce their energy consumption, which can lead to significant cost savings over time.
• Encourages adoption of energy-efficient technology: By offering credits for the use of energy-efficient appliances and devices, the platform incentivizes the adoption of sustainable technology.
• Real-time energy monitoring: The platform provides real-time data on energy consumption and usage patterns, allowing homeowners and building managers to identify areas where energy savings can be made.
• Secure and transparent: The use of blockchain technology ensures that all energy savings and credit transactions are secure, transparent, and tamper-proof.